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MBA Statement on FHFA’s New Representation and Warranty Framework

WASHINGTON, D.C. – September 12, 2012 – (RealEstateRama) — David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA), issued the following statement reacting to the new representation and warranty framework announced by the Federal Housing Finance Agency (FHFA) today.

“We welcome today’s announcement as a huge step that helps bring more certainty for lenders as they attempt to offer affordable mortgage credit to more qualified borrowers and advance the housing recovery. We have been working with Acting Director DeMarco on this very issue for several years, and the plan outlined today should give lenders the confidence they need to help more qualified borrowers.

“I want to give my heartfelt thanks to Director DeMarco and executives at Fannie Mae and Freddie Mac for their work on this, and their willingness to consider the concerns of the industry, and we look forward to working with them further to get the new guidelines in place for loans delivered to the GSEs on or after January 1, 2013.”